$0.16 EPS Expected for Steelcase Inc. (SCS) This Quarter

Wall Street analysts forecast that Steelcase Inc. (NYSE:SCS) will report earnings per share of $0.16 for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Steelcase’s earnings, with the highest EPS estimate coming in at $0.16 and the lowest estimate coming in at $0.15. Steelcase reported earnings per share of $0.22 in the same quarter last year, which would suggest a negative year-over-year growth rate of 27.3%. The business is scheduled to report its next earnings report on Tuesday, March 20th.

On average, analysts expect that Steelcase will report full-year earnings of $0.82 per share for the current fiscal year, with EPS estimates ranging from $0.81 to $0.82. For the next fiscal year, analysts expect that the company will report earnings of $0.96 per share, with EPS estimates ranging from $0.92 to $1.00. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side research analysts that that provide coverage for Steelcase.

Steelcase (NYSE:SCS) last announced its quarterly earnings results on Tuesday, December 19th. The business services provider reported $0.22 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.22. The company had revenue of $772.10 million for the quarter, compared to analysts’ expectations of $762.37 million. Steelcase had a net margin of 3.49% and a return on equity of 13.62%. Steelcase’s revenue was down 1.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.30 EPS.

Separately, Zacks Investment Research cut shares of Steelcase from a “hold” rating to a “sell” rating in a research note on Tuesday, December 12th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $16.00.

Shares of Steelcase (SCS) traded down $0.30 during mid-day trading on Friday, hitting $13.90. 1,373,051 shares of the company were exchanged, compared to its average volume of 764,255. The stock has a market cap of $1,610.00, a PE ratio of 15.62 and a beta of 1.20. The company has a quick ratio of 1.23, a current ratio of 1.58 and a debt-to-equity ratio of 0.36. Steelcase has a 12 month low of $12.50 and a 12 month high of $18.15.

The company also recently announced a quarterly dividend, which was paid on Monday, January 15th. Investors of record on Friday, December 29th were issued a dividend of $0.1275 per share. This represents a $0.51 dividend on an annualized basis and a yield of 3.67%. The ex-dividend date was Thursday, December 28th. Steelcase’s dividend payout ratio (DPR) is presently 57.30%.

In related news, Director Peter M. Wege II sold 13,300 shares of the company’s stock in a transaction that occurred on Thursday, January 4th. The shares were sold at an average price of $15.14, for a total transaction of $201,362.00. Following the sale, the director now owns 254,244 shares of the company’s stock, valued at approximately $3,849,254.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Sara E. Armbruster sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, December 22nd. The stock was sold at an average price of $14.80, for a total transaction of $44,400.00. Following the sale, the vice president now directly owns 69,870 shares in the company, valued at approximately $1,034,076. The disclosure for this sale can be found here. Corporate insiders own 18.87% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp increased its holdings in shares of Steelcase by 7.3% in the 4th quarter. Bank of New York Mellon Corp now owns 1,191,041 shares of the business services provider’s stock worth $18,105,000 after buying an additional 81,291 shares during the last quarter. AMG National Trust Bank bought a new position in shares of Steelcase in the 4th quarter worth $214,000. Wells Fargo & Company MN increased its holdings in shares of Steelcase by 6.9% in the 4th quarter. Wells Fargo & Company MN now owns 1,685,216 shares of the business services provider’s stock worth $25,614,000 after buying an additional 108,452 shares during the last quarter. Greenleaf Trust increased its holdings in shares of Steelcase by 1.5% in the 4th quarter. Greenleaf Trust now owns 589,681 shares of the business services provider’s stock worth $8,963,000 after buying an additional 8,704 shares during the last quarter. Finally, Verity Asset Management Inc. bought a new position in shares of Steelcase in the 4th quarter worth $183,000. 62.79% of the stock is currently owned by institutional investors and hedge funds.

COPYRIGHT VIOLATION NOTICE: This piece was originally published by American Banking News and is the property of of American Banking News. If you are reading this piece on another publication, it was copied illegally and republished in violation of U.S. & international copyright & trademark laws. The correct version of this piece can be viewed at https://www.americanbankingnews.com/2018/02/09/0-16-eps-expected-for-steelcase-inc-scs-this-quarter.html.

Steelcase Company Profile

Steelcase Inc provides an integrated portfolio of furniture settings, user-centered technologies and interior architectural products. The Company’s segments include Americas, EMEA and Other Category. The Company’s furniture portfolio includes panel-based and freestanding furniture systems and complementary products, such as storage, tables and ergonomic worktools.

Get a free copy of the Zacks research report on Steelcase (SCS)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Steelcase (NYSE:SCS)

Receive News & Ratings for Steelcase Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Steelcase and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply